KINDER MORGAN INC

Reconciliations from Net Income Attributable to Kinder Morgan, Inc.

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(b)See “—Non-GAAP Financial Measures—Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.” for a detailed listing.

(c)Net income allocated to common stock and participating securities is based on the amount of dividends paid in the current period plus an allocation of the undistributed earnings or excess distributions over earnings to the extent that each security participates in earnings or excess distributions over earnings, as applicable.

(d)Adjusted net income in excess of distributions for participating securities.

(e)To avoid duplication, adjustments for income tax expense for the periods ended September 30, 2024 and 2023 exclude $(49) million and$(7) million for the three-month periods, respectively, and $(48) million and $6 million for the nine-month periods, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(f)Net of a $14 million insurance reimbursement in both the three and nine-month periods ended September 30, 2024 for a sustaining capital expenditure project.

(g)Associated with our Citrus, NGPL Holdings and Products (SE) Pipe Line equity investments.

(h)Includes the tax provision on Certain Items recognized by the investees that are taxable entities. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(i)Includes non-cash pension expense, non-cash compensation associated with our restricted stock program and pension contributions.

(j)Includes restricted stock awards that participate in dividends.

(a)See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(b)To avoid duplication, adjustments for income tax expense for the periods ended September 30, 2024 and 2023 exclude $(49) million and $(7) million for the three-month periods, respectively, and $(48) million and $6 million for the nine-month periods, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items” above.

(c)To avoid duplication, adjustments for interest, net for the periods ended September 30, 2024 and 2023 exclude $4 million and $3 million for the three-month periods, respectively, and $5 million and $(10) million for the nine-month periods, respectively, which amounts are already included within “Certain Items.” See table included in “—Overview—Non-GAAP Financial Measures—Certain Items,” above.

(d)Includes that tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL Holdings and Products (SE) Pipe Line equity investments. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items” above.

Below is a discussion of significant changes in our Adjusted Net Income Attributable to Kinder Morgan, Inc., DCF and Adjusted EBITDA:

Adjusted Net Income Attributable to Kinder Morgan, Inc. decreased $5 million and increased $86 million for the three and nine months ended September 30, 2024, respectively, as compared to the respective prior year periods. The changes resulted primarily from unfavorable earnings in our Products Pipelines business segment only in the three-month period, and our CO 2 business segment offset, more significantly in the nine-month period, by favorable earnings in our Natural Gas Pipelines and Terminals business segments, and in the nine-month period, in our Products Pipelines business segment, all of which were also primary drivers of the increases in DCF of$2 million and $74 million, respectively, and the increases in Adjusted EBITDA of$45 million and $239 million, respectively. The three and nine-month period increases in DCF were also unfavorably impacted by an increase in sustaining capital expenditures.

General and Administrative and Corporate Charges

(a)See “—Overview—Non-GAAP Financial Measures—Certain Items” above.

General and administrative expenses increased $14 million and $33 million, and corporate charges decreased $9 million and $22 million for the three and nine months ended September 30, 2024, respectively, when compared with the respective prior year periods. The combined changes for the three and nine-month periods include $13 million and $29 million, respectively, consisting of higher labor and benefit-related costs, higher legal costs and higher corporate development costs, offset by lower pension costs of $9 million and $22 million, respectively. In addition, the combined changes described above includes $1 million and $3 million of costs for the three-month and nine-month 2024 periods, respectively, which we treated as Certain Items.

Reconciliation of Segment EBDA to Adjusted Segment EBDA

(a)Includes revenues; earnings from equity investments; operating expenses; (loss) gain on divestitures, net; other income; net, and other, net. Operating expenses include costs of sales, operations and maintenance expenses, and taxes, other than income taxes. See “—Overview—GAAP Financial Measures” above.

(b)See “—Overview—Non-GAAP Financial Measures—Certain Items” above.